Health Insurance Options For College Graduates

Did you just graduate from college and are you eager to snatch that dream job of yours? Right now, you might even be polishing your resume or preparing for the interview you’ve been waiting for half of your life.  But, as you take the next step, you’ll also find yourself without a Colorado health insurance plan.  There are some things that you can do to continue having health care coverage even after your college graduation.

  • Staying under your parent’s Colorado health insurance plan.  You can still stay under your parent’s health insurance plan until the age of 26.  This was made possible when the Patient Protection and Affordable Care Act was implemented in 2010 by President Barack Obama.  This will ensure that you don’t go uninsured while you’re still studying or looking for a job that will provide health care benefits.  However, if you plan to work in another state, this option is not for you.
  • Getting an employer-sponsored health insurance plan.  You’re lucky if your employer offers an employer-sponsored health plan.  However, with the increasing cost of health insurance, employers are shifting more of the cost to the employee to continue offering health care coverage.  Some employers are even forced to stop offering health insurance plans because of the constant rate hikes implemented by insurance companies.
  • Get an individual health insurance plan.  Many are discovering that getting an individual health insurance plan is more affordable than staying under a group policy.  If you’re relatively healthy, a high-deductible health plan would be a great option for you.  You get lower premiums than traditional co-pay plans.  Preventive care services are also covered even if you have not satisfied your annual deductible.  No co-insurance, co-pay or deductible apply for preventive care services as long as you received care from an in-network provider.

High-deductible plans also allow you to open a Health Savings Account, also called an HSA.  These are tax-advantaged accounts that allow you to make deductions to your annual income taxes just by making a contribution.  Your employer may also contribute to the HSA and the money is yours to keep even if you decide to quit the job.  Withdrawals are tax-deferred as long as you use the funds to pay for qualified health care services.  If you want, you can simply let the balance grow with tax-free interest.

You can learn more about high-deductible plans and Health Savings Accounts here on our site.  It just takes a few minutes of your time but the savings can last year after year.

  Date posted: Tuesday, October 16th, 2012
Category: Uncategorized



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